South Africa welcomes BRICS declaration

President Jacob Zuma has welcomed the Delhi Declaration issued by the leaders of Brazil, Russia, India, China and South Africa following the 4th BRICS Summit in New Delhi on Thursday, saying it would invigorate their collective resolve to find global solutions to global challenges.

The Delhi Declaration highlights the possibility of establishing a new Development Bank for emerging economies and developing countries.

It also tackles the roles of the International Monetary Fund (IMF) and the World Bank, the Doha Round of trade talks, energy, efforts to fight terrorism, the situation in the Middle East and North Africa, particularly Syria, Iran, and Afghanistan, and the humanitarian crisis in the Horn of Africa.

In a statement issued after the meeting, President Zuma said he was pleased with the BRICS leaders’ commitment to support Africa and South Africa’s comprehensive infrastructure development programmes, as part of stimulating sustainable development and prosperity on the continent.

BRICS Development Bank plan

The President also welcomed the decision to prepare for a new BRICS-led Development Bank for inclusive and sustainable development projects.

In the declaration, the leaders directed their finance ministers to work towards forming a Development Bank that would cater to the needs of developing countries while supplementing the existing efforts of multilateral and regional financial institutions for global growth and development.

“This development is welcomed by many other African leaders as it will support our priority infrastructure projects as well as trade and investment opportunities with our BRICS partners,” Zuma said. “Such a bank has great potential to help us create good jobs in developing countries.”

Concern over WTO trade talks impasse

On the matter of inclusive growth, Zuma said the BRICS leaders were concerned about the current impasse in WTO trade negotiations, and the threat to the Doha Development Agenda.

“Developing economies are under pressure to offer additional and unreciprocated access to their markets in industrial products and services, in exchange for moderate reforms in agricultural protectionism. This is unfair, un-mandated and anti-development.”

Regarding global governance, Zuma said the BRICS leaders had reflected on the comprehensive reform that was required of global decision-making structures to better reflect the current realities of a multi-polar world.

The leaders also discussed the situation in the Middle East and North Africa. According to Zuma, in order to bring stability to these regions, strong global governance was required now more than ever.

The BRICS leaders also discussed the important issues of food security and the achievement of the Millennium Development Goals by 2015.